Saturday, August 11, 2012
Excerpt: Back when he was running Bain Capital, Romney was known for following a management method called the “Bain Way.” In their book, The Real Romney, Michael Kranish and Scott Helman describe it as “intensely analytical and data driven.” It required a “healthy ego,” the authors write, “to go into a business and tell an owner how to run his own firm better.”
It also required a specific type of talent. Bain Capital operated as a small shop, and Romney took care to hire ambitious and serious business-school graduates — fresh-thinking young men he could develop, not just seasoned Wall Street hands.
In the late 1970s, “I was asked to help recruit bright, recently graduated MBAs to join the firm,” Romney recalls in his book, No Apology. “We were a cutting-edge company, we paid high salaries, and we usually landed the cream of the crop.” Edward Conard, a partner at Bain Capital from 1993 to 1997 and the author of Unintended Consequences, tells NRO that Romney’s effectiveness was sharpened by his relationships with the rising-star consultants he recruited, so he is not surprised to see Romney form a bond with the analytical Ryan. Romney may not have been an overly warm figure in the office, he says, but he was clearly drawn to uber-competent thinkers.
Read full National Review article here.